There was a bit of bounce back in the previous session and a little bit of strength is expected in today's session but it will remain a sell on rise market unless and until the benchmark index Nifty trades conclusively with good volumes above 8656. The immediate support is at 8562 below which the bears will take control. Hence as for today, the action may be construed as a tug of war between bulls and bears within the range 8562 to 8656. Bulls will take charge if they pull it beyond 8656 which will bring about a round of short covering pushing Nifty further up north.
The day traders may go long if the Nifty trades above 8577 for a target of 8636. Otherwise they may short the index to cover at 8555.
The short term traders may go long if it trades above 8656 and go short if it trades below 8562.
The mid term investors may consider selling on rise.
Disclaimer: The writers of this column do not personally hold any stock or position in the F&O market and do not intend to benefit in any way by publishing this column. The final discretion is that of the reader and we disown any responsibility for any loss incurred by the reader.
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